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Why Plug Power Stock Couldn't Hold Onto Today's Gains

·3 min read
Why Plug Power Stock Couldn't Hold Onto Today's Gains
In this article:
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As oil prices hit their highest highs earlier this morning, shares of Plug Power (NASDAQ: PLUG) stock -- a maker of hydrogen fuel cells that act as an alternative, renewable power source to oil -- initially jumped along with oil futures, rising as much as 3.5%. Later in the day, however, worries began to emerge on the oil market, and those worries spread to Plug Power. Here's the problem in a nutshell: Over the past month, oil prices have surged from under $70 a barrel and appeared to be making a run in the direction of $80 as feuding among the OPEC+ members over when to increase oil production, and by how much, created the prospect that production would not increase as much as expected, resulting in even higher oil prices in the future.